Schneider Electric Expands Youth Partnership with Enactus to Drive Inclusive Energy Transition in Egypt    China's Jiangsu Zhengyong to build $85m factory in Egypt's Ain Sokhna: SCZONE    Egyptian pound ticks up vs. US dollar at Thursday's close    Egypt condemns Israeli plan to build 3,400 settler homes in West Bank    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Egypt, Namibia explore closer pharmaceutical cooperation    Egypt, China ink $1bn agreement for Sailun tire plant in SCZONE    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's Electricity Minister discusses progress on Greece power link    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    27 Western countries issue joint call for unimpeded aid access to Gaza    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Australia to recognise Palestinian state in September, New Zealand to decide    Egypt, Huawei explore healthcare digital transformation cooperation    Global matcha market to surpass $7bn by 2030: Nutrition expert    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Korean Cultural Centre in Cairo launches folk painting workshop    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Oil prices stable, supported as output cuts hit market
Published in Amwal Al Ghad on 13 - 12 - 2016

Oil prices were stable on Tuesday, buoyed by soaring demand in Asia and as signs of a crude production cut organized by OPEC and other exporters materialized, tightening a market that has been grappling with years of oversupply.
International Brent crude was trading at $55.67 per barrel at 0430 GMT, virtually unchanged from its last settlement.
U.S. West Texas Intermediate (WTI) crude was down 10 cents at $52.73 a barrel, with U.S. producers not participating in production cuts.
Traders said there was some profit-taking after oil shot to mid-2015 highs earlier this week after the Middle East-led Organization of Petroleum Exporting Countries (OPEC) and other exporters led by Russia reached a deal to cut output by almost 1.8 million barrels per day to reduce oversupply and prop up prices.
But they added that oil markets were still broadly supported by the deal to crimp output.
"The market is putting a lot of importance on the commentaries coming out of OPEC and non-OPEC (and) the market is giving OPEC the benefit of the doubt that cuts will be implemented and achieved," said Michael McCarthy, chief market strategist at Sydney's CMC Markets.
However, he added that prices would "turn negative very quickly if the market feels compliance won't happen".
BMI Research said that the agreement would likely push Brent over $60 per barrel.
In a sign that producers are acting on their plans, Abu Dhabi National Oil Company (ADNOC) told customers it would cut supplies by 3-5 percent.
The producer from the United Arab Emirates (UAE) will reduce Murban and Upper Zakum crude supplies by 5 percent and Das crude exports by 3 percent.
ADNOC's cuts will mostly hit Asia, although refiners said they fell within contractual allowances under which ADNOC can alter agreed supply volumes.
Meanwhile, China's November crude output fell 9 percent on a year earlier to 3.915 million barrels per day, data showed on Tuesday, but recovered from October's 3.78 million bpd, which was the lowest in more than seven years.
That came as China's refinery throughput hit a daily record in November of 11.14 million bpd, up 3.4 percent year-on-year.
"Declines in Chinese … crude oil output and expansion of its strategic crude reserves underpin our view for China's crude oil imports to strengthen over the coming quarters," said BMI Research.
In India, Asia's No.2 oil consumer behind China, fuel demand rose 12.1 percent in November compared with the same month last year, hitting 16.64 million tonnes (4.07 million bpd).
Source: Reuters


Clic here to read the story from its source.